Section 8 Fair Market Rent (FMR) for ZIP 32712 - 2027

Investment Score for ZIP 32712

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,960
1 Bedroom	$2,040
2 Bedrooms	$2,320
3 Bedrooms	$2,900
4 Bedrooms	$3,380
5 Bedrooms	$3,921
6 Bedrooms	$4,392
7 Bedrooms	$4,743
8 Bedrooms	$4,980

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$2,320	$228,924	1.01%	B
3BR	$2,900	$369,335	0.79%	D
4BR	$3,380	$491,933	0.69%	D
5BR	$3,921	$604,845	0.65%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 32712 (Apopka, FL) #### Section 8 Voucher Dynamics In ZIP code 32712, the Fair Market Rent (FMR) for a two-bedroom apartment is set at $2,380 for 2026. This figure represents 26.3% of the median household income of $108,734, which suggests that the rent is relatively affordable compared to the income levels in the area. However, the actual rental market dynamics can be quite different. The Zillow median price for a two-bedroom home in this ZIP is $232,594, indicating a significant disparity between the median home value and the FMR. The price-to-FMR ratio is 8.1x, meaning that the median home value is about eight times higher than the FMR for a two-bedroom unit. This high ratio implies that the rental market is significantly more expensive than the FMR suggests. For instance, if we consider the typical rental rates in the area might be closer to the Zillow median price, then voucher holders would face substantial constraints. They would likely struggle to find units within the FMR range, especially given that only 14.6% of the population are renters. This low percentage of renters suggests a competitive market where landlords can charge higher rents due to limited supply. #### Affordability & Renter Profile The median household income of $108,734 in ZIP 32712 is relatively high, but the fact that only 14.6% of the population are renters indicates that the area is primarily owner-occupied. The occupancy rate of 95.1% further supports this notion, as it shows that most housing units are already occupied, leaving little room for new renters. Given the high price-to-FMR ratio, it is likely that the majority of renters in this ZIP code are individuals who can afford higher rents or have access to alternative sources of financial assistance beyond Section 8 vouchers. The tight market conditions mean that there is a scarcity of rental units available at or below the FMR. This makes it challenging for voucher holders to find suitable accommodation. Additionally, the high median home value suggests that the area is attractive to homeowners, potentially driving up property values and making it even harder for renters to find affordable options. #### Investor Angle From an investor perspective, the ZIP code 32712 presents a mixed picture. While the FMR for a two-bedroom unit is $2,380, the actual rental market appears to be much higher. If investors were to purchase properties at the median home value of $232,594 and attempt to rent them out at the FMR, they would likely face negative cash flow. The high price-to-FMR ratio of 8.1x indicates that the investment grade is poor, as the cost of acquiring a property far outweighs the potential rental income under the FMR guidelines. Moreover, the limited number of renters in the area (only 14.6%) means that there is a smaller pool of potential tenants who could use Section 8 vouchers. This reduces the likelihood of finding a steady stream of qualified tenants, which is crucial for maintaining positive cash flow. In summary, the ZIP code 32712 is not a favorable location for investors focusing on Section 8 vouchers due to the high costs of property acquisition and the limited demand for rental units within the FMR range. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high price-to-FMR ratio, investors should focus on smaller units such as one-bedroom apartments. The FMR for a one-bedroom unit is $2,090, which is still significantly lower than the median home value. This could provide a better chance of positive cash flow if the units are priced appropriately. 2. **Consider Alternative Markets**: Investors interested in Section 8 vouchers should consider other ZIP codes within Orange County where the price-to-FMR ratio is lower and the renter population is higher. This would ensure a larger pool of potential tenants and a more balanced rental market. 3. **Develop Strategic Partnerships**: To mitigate the challenges of finding suitable tenants, investors could develop strategic partnerships with local social service organizations that help place Section 8 voucher holders. This could increase the chances of securing tenants within the FMR guidelines. #### Bottom Line Based on the provided data, the recommendation for Section 8-focused investors is to **skip** ZIP code 32712. The high price-to-FMR ratio and the small percentage of renters make it difficult to achieve positive cash flow and secure a steady stream of tenants using Section 8 vouchers. Investors should look for other ZIP codes with more favorable conditions for this type of investment.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).

About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.